A HUNDRED jobs could be at risk if the community interest company running the Open Market goes bust, a council report has warned. 

Council officials have backed a £61,000 loan request to keep the project afloat in papers emerging ahead of an urgent meeting next week.

The money was requested by the Open Market Community Interest Company (CIC) so it had “breathing space” to sort out its cash flow problems, The Argus previously reported.

The report also says a further £29,000 for 2016/17 and £30,000 for 2017/18 will be needed from the council, if the CIC cannot resolve its problems with a recovery plan by April 2016, before it can start to make a profit.

The Open Market CIC board includes traders and representatives of Brighton and Hove City Council, the Ethical Property Company (EPC) and Hyde Housing Group.

Hyde redeveloped the site and represents people living around the market. Ethical runs the market on a five-year contract.

A report to the council’s policy and resources committee said members could opt to do nothing but “this would result in the CIC becoming insolvent within the next two months”.

The market reopened in June last year but board members said in a meeting last week it had higher running costs than expected. These include a bigger bill for business rates which are expected to be appealed.

The report, by project manager Richard Davies, recommends that the council waives the Open Market’s business rates bill between now and March.

A decision will be made by councillors on Wednesday.